MCCT Completes IPO

On October 25, 2006, Master Credit Card Trust (MCCT), a special-purpose securitization vehicle, completed its initial public offering of three and five-year asset-backed notes, totalling $1.25 billion. MCCT also completed a private placement of $250 million asset backed notes, resulting in total proceeds to MCCT of $1.5 billion. The notes are backed by a pool of credit card receivables originated by Bank of Montreal.

The underwriting syndicate was led by BMO Nesbitt Burns Inc. and included CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc., and Dundee Securities Corporation.

Osler Hoskin & Harcourt LLP represented MCCT and Bank of Montreal with a team that included Rick Fullerton, Peter Simeon and Anna Huculak (securitization and corporate finance), and Andy McGuffin, Lara Friedlander and Cassandra Priede (tax). Osler assisted Bank of Montreal's in-house counsel, Paul Noble.

The underwriters were represented by Davies Ward Phillips & Vineberg LLP. The Davies team included Michael Clifford, Peter Westcott, Ron Wilson and Jennifer Mao.

Lawyer(s)

Peter G. Westcott Anna Huculak Cassandra B. M. Priede Richard J. Fullerton Lara G. Friedlander Michael W. Clifford Ronald S. Wilson Andrew S. McGuffin Peter E. Simeon

Firm(s)

Osler, Hoskin & Harcourt LLP Davies Ward Phillips & Vineberg LLP